The interest graph is coming. Eight ways to get ready.
Social networks like Facebook start with your friends and let you see what you have in common. Interest graph-based models – Springpad, Pinterest, Get Glue – start with your interests and then let you make connections. It’s less about who you know and more about what you care about.
Platforms attempting to capture and map the interest graph are the next big trend in social media
If you happen to have your Google alerts set up to grab the latest blog posts and articles about Pinterest, you’re stream is pretty well populated these days. Add “Facebook Actions” or “Springpad” or “Svpply” or “Hunch” and it gets even more crowded. Maybe that’s why I don’t dare add queries for Google’s new privacy changes or developments like YouTube’s original channels. It would be more than anyone could possibly bear.
With each passing week, the social web evolves. Now that we’ve supposedly mastered Facebook and Twitter, we’re confronted with Google + and all the new interest graph platforms mentioned above. Are we ready? Do we know what to do? Do we have a strategy in place?
Recent research that Mullen just conducted suggests not. We surveyed 160 CMOs and marketing chiefs to find out where they stood when it came to using social media, monitoring the stream, developing conversation strategy and having a plan for tapping the interest graph.
We were surprised at some of the results.
Marketers remain challenged by social media
While 87 percent of respondents claimed that social media was somewhat or very important to their marketing efforts, most of their efforts remained limited to, or at least focused on Facebook. Nearly 80 percent were committed to the world’s largest social network. But fewer than 20 percent were using Google + and a full 80 percent had no focus at all on a platform like Foursquare.
While ongoing engagement emerged as one primary objective (64.5 percent noted it) marketers declared their number one reason for using social media was to generate awareness (76.8 percent), an objective that beat out both customer support (29.7 percent) and building loyalty (53.5 percent).
Among the more disappointing, but perhaps expected findings was the fact that marketers measure success primarily by how many followers and/or likes they generate (71.6 percent). By comparison, downloads (24.5 percent), share of conversation (25.2) and referrals (35.5) remained far less important. The latter is particularly surprising given the social web’s built in ability to inspire word-of-mouth marketing and the sharing of recommendations.
When it comes to content, marketers continue to think like traditional advertisers. They primarily use social platforms to promote products and offers (67.5 percent) and to deliver updates (64.9 percent). Providing utility (33.1) and offering entertainment (22.7) remain far less important concerns.
Despite the flurry of press coverage on the emerging importance of the interest graph, nearly half or respondents (48.7 percent) never heard of the term “interest graph,” and when they had it explained – the ability to connect with consumers in a more meaningful way by tapping into their interests – only 26.6 percent thought it could be “very useful.”
As for all that buzz around Pinterest, a platform generating page views, user growth and inbound links for the early adopter brands? Close to half of our respondents (42.2 percent) never even heard of it, while barely a sliver (4.5 percent) had started using it.
Perhaps that’s no surprise given that 68.8 percent of marketers surveyed capture no interest graph data at all — not preferences, interests, or intentions.
Finally, while brand stewards aren’t quite overwhelmed with the proliferation of platforms, they (44.2 percent) struggle with one fundamental challenge – where to put their resources.
According to a recent Mullen study, most marketers don't capture interest data
From the social graph to the interest graph
The last finding surprises no one. Getting social media efforts to deliver hard results and ROI is a challenge for the simple reason that most consumers aren’t there to connect with brands and their advertising messages.
But the interest graph platforms can change that. If marketers can suddenly identify people who’ve raised their hands and virtually asked for a “proposal,” they can more easily connect with people who’ll welcome them.
Every social network knows this is the future. Facebook Actions now allows users to tap into and identify friends’ interests — music, tastes in foods and preferences for movies, books and more. Presumably, if you actually know what friends have good taste in music it will now be easier to call on their recommendations. Actions aren’t perfect, however.
You still have to scroll through the stream and most content isn’t really persistent, meaning if you miss it in the stream it’s gone. It still poses challenges for marketers, too. Check out your own page and refresh it a few times. I guarantee that you’ll find the majority of ads that get served to you are completely irrelevant. But the promise is significant. Facebook will inevitably get better at capturing even more data and presumably allow advertisers to more accurately focus messages.
Foursquare, which our research told us is barely on the radar for most marketers will start making recommendations to its users on where to eat and where to vacation based on past behavior and that of friends. Certainly any hospitality marketer – restaurants, chains, museums and hotels – should at least be exploring the possibilities, if not encouraging user participation.
But all of this is still new. The social graph as we know it is only a few years old while the interest graph has been a topic of discussion for a matter of months. So what does it all mean? For brands, it’s definitely not too late to be early. Marketers can still get in on the ground level. But they need to embrace it and work to leverage it.
For social media practitioners, there’s work to be done. We need to learn, educate each other, experiment and develop effective strategies and tactics.
Eight steps you can take to get ready
- Learn the difference between the social graph and the interest graph. This simple description, by David Rogers writing in Read Write Web might help.*
- Read Grouped and get a better sense of how influence happens on the social web. The Tipping Point is a fallacy. Influence isn’t what you think it is. Small groups are what really matter.
- Open accounts on at least a few of the platforms. We would recommend Pinterest, Springpad**, and one other of your choice (The Fancy, Fab, Hunch) just to learn what it’s all about. Don’t commit to any one platform. Pinterest may be hot right now, but it’s too early to own this category and some consider the platform of the month a bit one dimensional.
- Take the time to learn what constitutes appropriate and effective conversation strategy on these new platforms. (Hint: it’s not simply about publishing content or adding a Spring This or Pin It button to your site.)
- Look for opportunities to market to the data. We’re a few months or more away from this, but it’s coming.
- Use the platforms yourself. There is no better way to learn and understand their potential.
- If you’re at SxSW this year, come to our panel on the interest graph and deferred intent.
*The Social Graph
A social graph is a digital map that says, “This is who I know.” It may reflect people who the user knows in various ways: as family members, work colleagues, peers met at a conference, high school classmates, fellow cycling club members, friend of a friend, etc. Social graphs are mostly created on social networking sites like Facebook and LinkedIn, where users send reciprocal invites to those they know, in order to map out and maintain their social ties.
*The Interest Graph
An interest graph is a digital map that says, “This is what I like.” As Twitter’s CEO has remarked, if you see that I follow the San Francisco Giants on Twitter, that doesn’t tell you if I know the team’s players, but it does tell you a lot about my interest in baseball. Interest graphs are generated by the feeds customers follow (e.g. on Twitter), products they buy (e.g. on Amazon), ratings they create (e.g. on Netflix), searches they run (e.g. on Google), or questions they answer about their tastes (e.g. on services like Hunch).
Your thoughts? Please share ideas, examples or insights as to where you think things are going.
**Note: In addition to my role as Mullen’s chief innovation officer, I also work as Springpad’s chief marketing officer.